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Illinois Tool Works profit more than doubles to beat expectations, but stock falls
Illinois Tool Works Inc. reported second-quarter that more than doubled and beat expectations, and raised the full-year outlook, as the all business segments saw double-digit organic revenue growth in the face of rising raw materials costs and supply chain challenges. Meanwhile, the industrial products and equipment maker’s stock fell 1.5% in premarket trading. Net income rose to $775 million, or $2.45 a share, from $319 million, or $1.01 a share, in the year-ago period. The FactSet consensus fo
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